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Updated about 5 years ago,
Financing Question - 2 property package
My husband & I are are almost finished with our personal home rehab and plan to turn it into a rental. As we're nearing the end, we've started casually looking into our next purchase. We found a set of two properties ( 3 br SFR & 4 plex) being sold together in a great area. My question is could we benefit from FHA financing since we plan to live in one of the properties or will this put us into a commercial category because technically this is 5 units across both properties? I'd love to keep the down payment to a minimum in order to have funds for rehab Would love any insight into the financing implications. Our mostly likely plan would be to live-in flip the house and retain the 4-plex long term.
Thanks!